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Securities & Exchange Board of India PR No. 109/2016 Caution to the Investors Some unlisted companies are luring retail investors by issuing securities including non-convertible and convertible debentures/ non-convertible and convertible preference shares/ equity shares in the garb of private placement, without complying with the provisions of Companies …
SEBI cautions investors not to invest in schemes offered by entities barred by SEBI from raising money or entities not registered with SEBI Certain Collective Investment Scheme(s) (CIS) have come to the notice of SEBI, which were offered by entities not registered with SEBI nor offer document of such …
AO bound to furnish reopening reasons recorded us 147 within a reasonable time for initiation of reassessment proceedings u/s 147/148 This was held by ITAT in a recent Judgment ABCAUS Case Law Citation: 6611 2016 (06) ITAT Brief Facts of the Case: The assessee filed his return of …
Addition us 68 remanded back by ITAT for short time lag between inquiry initiation and conclusion when the evidence was to be produced in just 10 days. ABCAUS Case Law Citation: 1781 2016 (06) ITAT Brief Facts of the Case: During the assessment proceedings, the copy of the cash book …
Gift received from Step Father not taxable us 562vi as income from other sources. The Explanation to section 56(2) would indicate that the expression “relatives” would recognize the relationship between the step-father and step-son for the purpose of exemption available under section 56(2) of the Income Tax Act, 1961. …
Bad Debts written off as irrecoverable must form part of income. The assessee can claim bad debts by just writing off as irrecoverable in the accounts without establishing that they have actually become bad debts or not but it is incumbent on the assessee to at least prove that …
ICAI income exempt us 11. The institute is an educational institute and its coaching activities falls within the meaning of charitable purpose u/s 2(15). In a yet another case for AY 2010-11, ITAT following previous judgments of ITAT, High Court and Supreme Court has upheld the charitable status …
Rented Building Renovation-Repair Expenses are Current Repairs allowable u/s 30. Accumulated repairs not allowed only when assessee owns building, as a tenant cost of repairs to the premises is allowable whether they are accumulated or current this was held by ITAT Delhi in a recent judgment detailed as …
F No. 5(1)-B(PD)/2016 Government of India Ministry of Finance Department of Economic Affairs (Budget Division) New Delhi, Dated the 2nd June, 2016 RESOLUTION It is announced for general information that during the year 2016-17, accumulations at the credit of subscribers to the General Provident Fund and other similar …
Service tax Department can not audit under rule 5A(2)-Delhi High Court quashes/Strikes down Rule 5A2 and Notification 23/2014 Circular 181/7/2014 Ultra Vires to Finance Act. Case Law Details: W.P.(C) 5192/2015 & CM No. 9417/2015 Mega Cabs Pvt. Ltd (Petitioner) vs. UOI and Ors (Respondents) Date of Judgment: 03/06/2016 …
